Major Shareholder Urges Universal Music Group to Reject $64 Billion Bid

The Bolloré Group, a major shareholder in Universal Music Group, urged the record label to reject a $64 billion acquisition offer on Wednesday. Cyrille Bolloré, CEO of the Bolloré Group, said at a shareholder meeting that the price was not high enough. He also questioned whether the bidder was compatible with the company’s management, describing the approach as more abrupt and rapid.

Background on the Offer The offer, made in April, would merge Universal Music Group with Pershing Square SPARC Holdings, shift its primary listing to the New York Stock Exchange, and value shares at about $35.13 each. The cash portion would include $2.9 billion from Pershing Square, $6.2 billion in debt financing, and $1.7 billion from selling the company’s Spotify stake.

Vincent Bolloré owns 18 percent of Universal Music Group, while Vivendi, in which he holds a major stake, owns an additional 13 percent. The bidder’s firm holds 4.5 percent.

The bidder had expressed interest in the label as early as 2021 and previously served on its board until resigning in 2025. Upon the April announcement, shares rose about 10 percent. An analyst at Square Global told Bloomberg in April that the proposal appeared unlikely to succeed without the Bolloré Group’s support.